Press Digest - Sunday British Business - March 24

LONDON, March 24 (Reuters) - British newspapers reported thefollowing business stories on Sunday:

The Sunday Times

LLOYDS HANDS A MILLION TO 20 BANKERS

Lloyds will reveal this week that it paid more than20 of its staff one million pounds or more last year, stokingthe row over bankers' pay.

VODAFONE LINES UP $135 BLN EXIT FROM AMERICA

Vodafone has held talks with U.S. partner Verizon over the sale of its 45 percent stake in the mobile phoneoperator that could see Britain's second biggest company leaveAmerica and bank $135 billion.

JAGUAR TURNS TO CHINA FOR $1 BLN FUNDRAISING

Jaguar Land Rover is preparing to raise $1 billion fromChinese investors with a bond issue in Beijing or Shanghai laterthis year.

RESCUE ARRIVES FOR JURYS INN

The struggling hotel chain will get a 160-million-pound cashinjection and have nearly two-thirds of its borrowings wiped outunder a debt-for-equity swap by main lender RBS, as partof a rescue that is expected to be completed this week.

GOLDEN HELLO GREETS COBHAM'S U.S. CHIEF

The American boss of FTSE 250 defence company Cobham has been handed a 'golden hello' of 816,000 pounds plus a131,000 pounds annual expatriation payment to cover the cost ofa British home and flights to the United States.

BIDDERS EYE ULSTER GAS PIPELINES

Macquarie, Hastings Funds Management and CVC areamong the bidders lining up for the 700-million-pound sale ofPhoenix Group, the largest gas distribution business in NorthernIreland that is owned by financier Guy Hands.

SHORT SELLERS STALK ARGOS

Hedge funds have placed a 260-million-pound bet that sharesHome Retail Group, the owner of retailers Argos andHomebase, will fall.

ARM BOSS'S 16 MILLION POUND FAREWELL

Warren East, the chief executive of British technology firmARM Holdings, will receive 16 million pounds when heleaves the chip designer in the summer.

The Sunday Telegraph

PM IN PRICE CLASH WITH ENERGY FIRMS

Britain's biggest energy suppliers have attacked the primeminister's plans to overhaul the household supply market,claiming reforms to simplify the system could push up bills.

FEARS GROW AS BANKS REVEAL EXPOSURE TO CYPRUS EURO CRISIS

British banks Lloyds, RBS, Barclays and HSBC have a combined exposure of more than one billionpounds to Cyprus, raising the prospect of new losses for thelenders.

MERLIN'S RECORD PROFITS PAVE WAY FOR 3.5 BLN STG IPO

Merlin Entertainments, which owns the London Eye and MadameTussauds, is paving the way for a 3.5 billion flotation as itgets ready to announce record profits of 350 million pounds.

DIAGEO MOVES TO RAISE STAKE IN CHINA DRINKS GIANT

Diageo is in talks with the Chinese authorities toup its 53 percent stake in Quanxing, the company behind drinksbrand ShuiJingFang.

The Mail on Sunday

CAYMANS TO INFORM ON TAX DODGES

Wealthy UK citizens with cash in the Cayman Islands will behit with big tax bills after an agreement between Britain andthe Carribean territory.

SORRELL READY TO TAKE PAY CUT TO PLACATE SHAREHOLDER OUTRAGE

Martin Sorrell, boss of the world's biggest advertisingcompany WPP, is set to take a pay cut and embrace moredemanding bonus targets to appease investors angry at his 13million pound pay packet.